Expert Industry Insight
Claim executives are tuning in to the power of analytics to identify new operational efficiencies, control losses and improve customers' claim experience. Analytics may be applied to help guide strategy, study operating decisions, and impact the claims process.
Impact of Claims Analytics
Analytics can be employed to help improve adjuster performance, results, and improve customer satisfaction. For instance, they can be used to provide the adjuster greater insight into the context of the claim, the claimant and providers. They can also be used to automate certain types of routine business rules—such as when to forward claims for Independent Medical Exams or to Special Investigative Units—helping to accelerate claims processing.
Access Mitchell Claims Analytics Expertise
Mitchell claim analytics experts are able to offer a unique viewpoint that provides powerful information for our clients. With access to both internal and external data sources, Mitchell can analyze and share intelligent insight for your business. Claims analytics are a powerful way for insurers to gain visibility into their cost drivers and predict the impact of their strategic and operational choices.
Intelligent Input from Mitchell
- Industry Benchmarking—Industry participants want to know how they compare against their competitors and industry standards. Mitchell delivers a unique view into a claims organization's performance against total industry and strategic peer group norms, which provides an opportunity to suggest potential actions for the future.
- Mitchell provides unmatched capabilities to access and analyze both the quantity and the quality of data needed to make accurate, consistent and insightful benchmark comparisons. Drawing upon our exclusive industry wide database of claims information consisting of our market leading DecisionPoint® and ClaimIQ™ solutions, multi-line claim data from Mitchell's state-of-the art auto physical damage and workers' compensation claims solutions and our partnerships with industry leading data providers—Mitchell's data analytic and industry experts are able to assist you in assessing how your company compares to the industry and your defined peer groups
- Performance Measurement—Performance measurement studies give a unique external perspective by compiling and reporting cost, provider, treatment and behavior across carriers. Clients are able to leverage studies to identify performance opportunities and precisely target areas for action.
- Advisory Solutions—Claim consultants and analysts work with carriers on proprietary engagements providing workflow analysis, claim research, provider assessment and strategy insight derived from proprietary data stores.
- Predictive Solutions—Predictive solutions deliver scoring and optimization tools to assist decision making and automate routine, high volume decision tasks.
February 26, 2013
Mitchell releases predictions for trends related to cloud computing and big data analytics that could affect the insurance industry throughout 2013
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Looking at insurance-loss trends can be quite baffling at times. Perhaps no more so than when trying to figure out why BI severities continue to rise despite frequency declining at a time when the safest cars ever produced are on the nation’s highways..…
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